moustafahasan
New member
Hi everyone. For 2022 I was paying $26/month for insurance on my 650 square-foot condo. We had a water damage claim due to water backing up in the condo's pipes (not our fault), so I was expecting a price increase. For 2023 our price was $35/month, which is a ~35% increase. Fine, I thought, since we recently had a claim.
However, our policy is now coming up for renewal, and the 2024 monthly rate is $49/month, which is an 88% increase over a two-year period which included one small claim.
Does this sound like a reasonable increase? Am I missing something like perhaps the 2022 starting point rate was just way too low? Any insight would be much appreciated. TIA
However, our policy is now coming up for renewal, and the 2024 monthly rate is $49/month, which is an 88% increase over a two-year period which included one small claim.
Does this sound like a reasonable increase? Am I missing something like perhaps the 2022 starting point rate was just way too low? Any insight would be much appreciated. TIA